Good day ladies and gentlemen and welcome to the First Quarter 2018 ReWalk Robotics Ltd Earnings Conference Call. [Operator Instructions] I'd now like to turn the call over to Ilanit Allen, you may begin.

Thank you, Michelle. Good afternoon, and welcome to ReWalk Robotics First Quarter 2018 Earnings Call. This is Ilanit Allen at In-Site Communications, Investor Relations for ReWalk. With me on today's call are Larry Jasinski, Chief Executive Officer and Ori Gon, Chief Financial Officer of ReWalk. This afternoon, the company issued a press release detailing financial results for the three months ended March 31, 2018, which can be accessed through the Investor Relations section of the ReWalk website at rewalk.com and you can also access the webcast of this call from there. Before we get started, I would like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation or intent regarding future events and the company's future performance may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to ReWalk management as of today; and involve risks and uncertainties, including those noted in this morning's press release and ReWalk's filings with the SEC. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. ReWalk specifically disclaims any intent or obligation to update these forward-looking statements, except as required by law. A telephone replay of the call will be available shortly after completion of this call in the next two weeks. You will find the dial-in information in today's press release. The archived webcast will be for one year on company's website rewalk.com. For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded on May 10, 2018. Since then, ReWalk may have made announcements related to the topics discussed, so please reference the company's most recent press releases and SEC filings. And with that, I'll turn the call over to ReWalk's CEO, Larry Jasinski.

Thank you, Ilanit. Good afternoon, everyone and thank you for joining us. Today, I'd like to provide you with a brief update on the progress in our business since our last call and then I'll turn the call over to Ori to review our financial results. I am pleased to report that as of April 30, 2018 ReWalk shareholders have approved our March 5, 2018 agreement with Timwell Corporation Limited, its affiliates and RealCan Ambrum Healthcare Industry Investment Partnership Enterprise. With this approval, we will receive an initial investment of $5 million and are now moving ahead with our plans to establish a joint venture in China between RealCan Ambrum and ReWalk by mid-year. Once established, ReWalk will receive an additional investment of $10 million. As a reminder, this JV will be focused on establishing and building the market for ReWalk and restore exoskeletons in China. The JV will be funded by RealCan and other Chinese entities. ReWalk will contribute technology and maintain a 20% ownership position in the JV. Under the terms of this agreement, the JV has committed to minimum purchases of approximately $1.25 million of ReWalk products in 2018, followed by $4 million in 2019 and $8 million in 2020. These minimum levels continue to grow each year. The other major initiatives that is targeted to be completed between year-end 2018 and the end of Q1 2019 is the establishment of manufacturing, based in China for the restore product lines that will be focused on reducing product cost. Once this is completed on or by March 31, 2019 at the latest, an additional investment of $5 million will be made In ReWalk. In total, the direct investment in ReWalk Limited will be $20 million. The JV will be funded separately as I just discussed. I'm also pleased…

Thanks, Larry. Q1 revenue was $1.6 million, up sequentially from $1.5 million in Q4, 2017. This reflects placement of 23 units of which eight were purchased for the VA clinical study. In Q1 2017, our revenue totaled $2.5 million, largely due to the 20 units purchased by the VA during that quarter for its clinical study. During Q1 of 2018, 14 units were placed in the US, seven were in our direct market in Europe and two were in our other market. During the quarter, we had six new rental purchase units placed and three previously rented units convert to a purchase. We currently have 26 open trials including 17 active rentals and nine claims that have completed their trial period and are awaiting a final insurance decision. As of the end of the first quarter of 2018, we had 261 pending insurance claims relating to coverage for ReWalk, compared to 194 at the same time last year and reflecting an increase of 39 claims since the end of the year. This number represents approximately $18 million in potential revenue. Gross margin improved to 43.2% during the first quarter compared to 42% in the prior year quarter, mostly driven by sales mix and lower product costs. Total operating expenses for the quarter decreased to $6.5 million compared to $6.7 million in Q1, 2017. We remain committed to reducing our year-over-year operating expenses by up to 10%. Net loss for the first quarter was $6.3 million compared to a net loss of $6.4 million in the first quarter of 2017. We ended this quarter with $8.8 million in cash. This does not include the addition of $5 million in gross proceeds related to our investment agreement with Timwell. With that I'd like to open the call for questions. Operator, please go ahead with the instructions.

[Operator Instructions] Our first question - actually, we don't have any questions at this time. I'd like to turn the call back over to Larry Jasinski, CEO for any closing remarks.

I appreciate everyone's time this afternoon. And I look forward to providing information to any of the analysts with questions or other individuals as we put information on our progress out in the market. So thank you for joining us today and have a great day.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may now disconnect. Everyone have a great day.